Energy prices rose Monday as an October chill across much of the U.S. sent thermometers plummeting along with the weakening U.S. currency.

“The early blast of winter is giving oil a bit of a boost,” said PFGBest analyst Phil Flynn.

Benchmark crude for November delivery gained $1.50 to settle at $73.27 on the New York Mercantile Exchange. The last time crude closed above $73 was in late August with the U.S. driving season in full swing.

Even though there are enormous supplies of all three due to the recession and there is little chance of a shortage in the near term, crude prices have risen 5 percent in three trading days.

It is the weakened U.S. currency that continues to lure global investors who can buy oil for a bargain because it is priced in the dollar. There are billions of dollars entering energy markets despite huge surpluses, especially in natural gas.

The U.S. dollar index, which tracks the dollar against other major currencies, is down 14 percent since early March, and crude has jumped by about $20 per barrel in the same time.

There are also hopes that energy demand will rise as the economy recovers. Early quarterly reports from major corporations supported that optimism somewhat.

Retail gasoline prices edged up overnight, but are still below $2.50 per gallon. Last year, a gallon of gas cost about $3.25 at this time, according to auto club AAA, Wright Express and Oil Price Information Service.

In other Nymex trading, gasoline for November delivery gained 3.1 cents to finish at $1.799 a gallon. In London, Brent crude rose $1.36 to settle at $71.36. on the ICE Futures exchange.

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Associated Press Writers George Jahn in Vienna and Alex Kennedy in Singapore contributed to this report.

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